Should they pay me interest?

[HurdyGurdy19]

I had a letter recently from Phoenix Life, saying they sent me a letter to the address they had on their system but it was returned undelivered, so they were trying to find out where I now live. (By writing to the address I've lived at for over 30 years.)

Anyway, it turned out that they have taken over from Abbey Life. I had a policy with them which they said was ended (surrendered, maybe?) in 2001 and they have "found" money in their suspense account, some of which is mine.

I have to complete a form, and they will pay me the money - which takes about three months.

As they have had this money of mine for 23 years, should they be expected to pay interest on it, having deprived me of it for so long?

If so, how do I request this, and at what rate should it be?

I doubt it. How were you deprived of the money? Presumably you could have asked for it back at any time. The fact that you didn't is on you.

It's worth asking the question I suppose but I wouldn't get your hopes up.

Well as Phoenix Life has apparently only just discovered they have Abbey Life money in a suspense account, how would I have known about it, to ask for it?

According to this https://www.money.co.uk/savings-accounts/reclaiming-lost-assets you should get interest paid at the rate that bank sets. It's unlikely to be a competitive rate.

@HildaHosmede why have you replied to a question when you clearly don't know the right answer and have nothing useful to add? It's perfectly ok to scroll on by rather than spout bollocks you know.

I'm not sure you've quite understood what you've googled and apparently skim-read @Reallybadidea .

Forgotten or 'lost' savings in interest bearing accounts will continue to accrue interest at whatever rate the account attracts - ie the 'rate the bank sets'. And even if the bank moves the money into a central holding account as part of remediation activities, it should continue to earn this rate. That's kind of a given tbh.

The op is talking about compensatory interest for being 'deprived' of funds against her will, which is something quite different - often set at 8%.

Maybe check your own knowledge before accusing others of spouting bollocks 😂😂

Quite a different answer second time around. Guess you've been Googling 👍

Snort. Not different at all. More detailed by necessity, to address the irrelevant nonsense you posted.

That's the most ungracious apology ever for attacking with no reason btw. And for posting irrelevant Internet snippets.

Part of my dayjob is assessing and awarding compensatory interest claims and ensuring they meet FCA guidance. So no, no googling required here 😁